Hot Momma Celebrity Gossip Blog

Michael Jackson’s Neverland Ranch is supposed to go up for public sale unless he pays the more than $24 million he still owes on the property, according to a Tuesday court filing. Financial Title Co. filed the notice of trustee’s sale with Santa Barbara County Superior Court, setting the auction date for March 19.  Julie Wagner, a manager at the San Francisco-based title company, confirmed that Jackson’s property was set for auction.

Court documents obtained by Fox News warn Jackson that he has until the date of the auction to take action to keep his lavish estate.

However, after speaking with a Jackson insider, CNN reported Wednesday on their Web site that the pop star will avoid foreclosure on his Neverland Ranch property with a new loan.

Michael Jackson’s ranch will not going to be auctioned off at the courthouse,” the Jackson insider told CNN. “The financing is all being worked out.”

A spokeswoman for Jackson did not return a call for comment.

If the property does go to auction, the initial asking price could be higher than the $24.5 million Jackson owes because of interest due and other costs, according to the filing.

Also going up for sale would be all the home’s furnishings and items on the property, according to the filing.

Jackson no longer lives at the famous, 2,500-acre spread in Los Olivos, a popular tourist spot northwest of Santa Barbara known for its wineries.

The reclusive pop star has been mostly residing abroad since his 2005 acquittal on child molestation charges, although he has spent time in Las Vegas as he tries to stage his musical comeback.